Strategy is a plan to achieve short term as well as long term organizational goals of an entity or organization. It can be made for anything such as for sales, marketing, procurement, distribution, etc. In other words we can say that the business plan which you adopt to acquire market share, to boost your sales, to get a competitive advantage over others, to achieve your organizational goals is known as strategy.
The main and the most important factor in any business is to keep a close eye on your competitors. It is necessary because you should have the knowledge about your competitor’s strategies and the business plans. You should know that what your competitor wants to do? What he is trying to do? Which new product or service he is going to launch? What is its competitive advantage? What is the market position of your competitor? What are their strengths and weaknesses? What are their business policies? What are their objectives? These are some questions whose answer you should know.
Now the thing is, how do you know all this? Don’t worry we will discuss below that how you can get the answers of the above question.
Visit their Social Media Platforms:
You should visit the social media platforms of your competitor’s such has Facebook, Instagram, LinkedIn, Snapchat, Twitter, YouTube, etc. Visiting on these platforms will help you to identify that what your competitor is offering to their customers, what kind of offers and discounts they are giving to the general public, which new products they are going to launch, you will get a lot of information from these platforms.
Visit their Websites:
You can also visit to their website where you can get a lot of information’s about their products or services which they offer. Here you can see their product ratings, there reviews, offers and discounts, etc. Here you can also get the strategic information about your competitors, their strengths and weaknesses, their core competencies and all the other available information mentioned on their websites.
Vendor Evaluation:
You should know that, who are their vendors? Who is supplying products to them? You should also know that which product or service is bought by which vendor, at what price and in what quantity. By doing this you can easily evaluate the buying power as well as the bargaining power of your competitor which can help you in creating a competitive edge over your competitor.
Gain information from their Employees:
This can be a panacea for the success of your business, this is because an employee knows that what their employer is going to do, they also knows some insider and sensational information’s which can help you a lot in creating a competitive advantage over your competitor.
These are some points which can help you in identifying your competitor’s strategy as well as their strengths and weakness.
Thank You!!
